May 13, 2009

Financial Report for the Year Ended March 31, 2009This document has been translated from the Japanese original, for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Listed company name:
Japan Airport Terminal Co., Ltd.
Listing exchange:
Tokyo, 1st Section
Code number:
9706
URL:
http://www.tokyo-airport-bldg.co.jp/
Representative:
Isao Takashiro, President
Contact:
Shokichi Ishiguro, Senior Managing DirectorTEL:
03-5757-8030
Scheduled date of annual general meeting of shareholders:June 26, 2009
Scheduled date of securities report submission:
June 26, 2009
Scheduled date of dividend payment commencement:
June 29, 2009
（Figures shown are rounded down to the nearest million yen.）

1. Consolidated Financial Results for the Year Ended March 31, 2009 (April 1, 2008 to March 31, 2009)(1) Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous year.)

Operating revenues

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

132,307
139,401

(5.1)
5.2

6,397
7,721

(17.1)
9.4

6,764
7,836

(13.7)
16.1

3,981
4,151

(4.1)
67.2

FY2008FY2007

Net income per
share

Diluted net income
per share

Yen

FY2008FY2007Return on equity

Yen

–
–

39.64
41.33

Reference: Investment profit on equity method

FY2008: ¥148 million

Ordinary income to Operating income tototal assets
operating revenues

%

%

%

3.3
3.5

3.6
4.1

4.8
5.5

FY2007: ¥122 million(2) Consolidated Financial Position

Total assets
FY2008FY2007
Reference: Equity capital

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

186,364
189,126

122,557
121,69964.5
62.7

1,197.40
1,180.73

FY2008: ¥120,280 million

FY2007: ¥118,606 million(3) Consolidated Cash Flows

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the fiscal year end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

17,164
18,713(17,208)(12,945)(352)(8,575)

15,69316,088FY2008FY2007
2. Dividends

Dividends per share(Record date)

FY 2007
FY 2008
FY 2009(Forecast)

1Q-end2Q-end3Q-endYear-end

Annual

Yen

Yen

Yen

Yen

–
–
–

5.00
6.50
6.50

–
–
–

8.00
6.50
6.50

Total
dividends(Annual)Dividends
Dividends on
payout ratio
net assets(Consolidated) (Consolidated)

Yen

Millions of yen

%

%

13.00
13.00
13.00

1,305
1,305

31.5
32.8
43.5

1.1
1.1

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2010 (April 1, 2009 to March 31, 2010)(Full year percentage figures indicate the rates of changes from the preceding fiscal year, and first half figures indicate the rates of changes fromthe same period of the previous year.)First half
Full-year

Ordinary income

Net income
per share

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

63,200124,500

(8.5)
(5.9)

2,600
5,200

(33.3)(18.7)

2,700
5,200

(35.8)(23.1)

1,500
3,000

(36.5)(24.7)

14.93
29.87

-1-

Net income

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

4. Other Information(1) Significant changes in subsidiaries during the year under review (changes in specific subsidiaries involving changes in scope of
consolidation): None
(2) Changes in accounting principles, procedures, and the display method of presentation associated with preparation of theconsolidated financial statements (matters to be included in the section, "Change in Basic Conditions to Prepare Consolidated Financial
Statements")
1) Changes due to revisions of accounting standards, etc.: Yes
2) Changes in matters other than 1) above: None
(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the year-end (including treasury stock):
FY2008100,540,000 shares
FY2007
100,540,000 shares
2) Number of treasury stock at the year-end:
FY200888,807 shares
FY200788,408 shares(Reference) Summary of Non-Consolidated Financial Results
1. Financial Results for the Year Ended March 31, 2009 (April 1, 2008 to March 31, 2009)(1) Non-Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous year.)

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

106,656
112,587

(5.3)
6.8

4,636
5,769

(19.6)
13.3

4,872
6,051

(19.5)
19.1

3,021
3,432

(12.0)
37.9

FY2008FY2007

Net income

Diluted net income pershare

Net income per shareYen

FY2008FY2007

Ordinary income

Yen

–
–

30.08
34.17

(2) Non-Consolidated Financial Position

Total assets

Equity ratio

Net assets per share

Millions of yen%

Yen

165,902169,391

107,122
106,36864.6
62.8

1,066.42
1,058.90

FY2008FY2007
Reference: Equity capital

Net assets

Millions of yen

FY2008: ¥107,122 million

FY2007: ¥106,368 million

2. Forecast of Non-Consolidated Financial Results for the Year Ending March 31, 2010 (April 1, 2009 to March 31, 2010)(Full year percentage figures indicate the rates of changes from the preceding fiscal year, and first half figures indicate the rates of changes fromthe same period of the previous year.)First half
Full‑year

Ordinary income

Net income
per share

Operating revenues

Operating income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

50,60099,700

(9.1)
(6.5)

1,800
3,800

(38.4)(18.0)

2,000
3,800

(37.1)(22.0)

1,100
2,200

(41.1)(27.2)

10.95
21.90

*Statements regarding the proper use of financial forecast and other special remarks
1. The forecast was made based on information available at the time the material was released, and actual earnings may
differ from the forecast for various reasons.
2. For matters related to financial forecast mentioned above, please refer to page 4.

-2-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

1. Business Results(1) Analysis of Consolidated Business Results1) Summary of earnings for the fiscal year
During the current fiscal year, the Japanese economy was impacted by the global spread of the financial crises thatoriginated in the U.S., and rapidly deteriorated as evident by the dramatic decline in corporate earnings andcontinuous decrease in consumer spending. There is uncertainty about the future.
The airline industry faced overall harsh conditions as the number of passengers on both domestic and internationalroutes fell for such reasons as a deterioration in both corporate earnings and consumer sentiment against thebackground of the global economic recession and instability overseas, typified by food problems and the Great
Sichuan Earthquake in China, at a time of high fuel surcharges due to jumps in the price of fuel. In addition, thenumber of foreign visitors also fell substantially because of the sudden appreciation of the yen and other factors.
Under these conditions, the Japan Airport Terminal (JAT) Group has continued to focus all its energy on improving
the convenience, comfort, and functionality of the passenger terminal buildings and implementing stricter safetymeasures at passenger terminal buildings, thoroughly adopted a philosophy of “the customer comes first,” and strove
to further improve service. With the goal of raising corporate value, the JAT Group has examined and implemented
three core strategies: business strategy, financial strategy, and organizational strategy.
As for the business strategy, the JAT Group actively promoted measures to invigorate its operations. For the Tokyo
International Airport (Haneda), its sales base, the JAT Group began the expansion of Terminal 2 with the goal oflaunching operations in 2010, the construction of the P4 multi-story parking, and the expansion and renovation of theInternational Terminal Building in order to handle the growing number of international passengers, opened new stores,
and developed products solely for Haneda Airport. In addition, starting April 1, 2009, the revised Airport Act requires
entities that construct or operate passenger terminals to be designated by the national government as an airport
facilities operator. The JAT Group applied for the designation in advance and received it in March 2009.
As for the financial strategy, the JAT Group has moved forward with measures to rationalize and increase theefficiency of business such as establishing a retirement benefit trust with the goal of making effective use of financial
assets.
In addition, in regard to the organizational strategy, the JAT Group strove to expand its business and strengthen its
management base. These efforts included deciding to merge subsidiaries to create a more efficient and functionalorganization and introducing both a division system to rapidly and firmly implement various measures and an
executive officer system with the goal of separating supervision from operations and increasing the speed of decision
making.
Furthermore, the JAT Group has made aggressive efforts related to corporate social responsibility (CSR). In
addition to purchasing green energy and implementing a policy of “cool biz” (wearing cooler clothes during thesummer to reduce the use of air conditioning) and “warm biz” (wearing warmer clothes during winter to reduce theuse of heating) for airport lobbies, the JAT Group has decided to introduce a solar power system in response toenvironmental problems.
However, the downward trend in passenger volume, which became more prominent since last summer, has
strengthened, and this has had a major impact on the JAT Group’s earnings, in particular facility user charges revenue
has been impacted by the decline in passenger volume and sales at stores have been affected by the decline in
consumer sentiment and the rapid appreciation of the yen.
As a result, consolidated operating revenues for the fiscal year fell 5.1% compared with the previous fiscal year to¥132,307 million, operating income fell 17.1% to ¥6,397 million, and ordinary income declined 13.7% to ¥6,764
million. Net income for the fiscal year declined 4.1% to ¥3,981 million.
The following is a breakdown of earnings by segment.
[Facilities Management]
Rent revenue and facility user charges revenue from the domestic terminals at the Tokyo International Airport(Haneda) shrank slightly because of a decline in rents from office space for airline companies, a fall in passenger
volume on domestic flights, and other reasons. However, rent revenue and facility user charges revenue from theinternational terminal grew over the previous fiscal year as passenger volume on international flights rose following
the launch of international charter flights between Haneda and Shanghai (Hongqiao Airport) in September 2007 andbetween Haneda and Hong Kong in April 2008. In addition, new rental facilities developed on land owned by the JATGroup made contributions for the full fiscal year, contributing to the increase in revenue.
Other revenues were healthy as a result of the launch of operations at the P4 multi-story parking in December 2007,
increase in the number of users of the for-pay waiting room “Airport Lounge”, and other factors.
As a result, operating revenues from the facilities management operations grew 1.5% compared with the previous
fiscal year to ¥41,075 million and operating income expanded 61.6% to ¥2,506 million.
[Merchandise Sales]
As for stores in the domestic terminals at the Tokyo International Airport (Haneda), the JAT Group opened new stores-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009that are trendy and attractive, such as “Haneda Star Sweets,” which features carefully selected sweets, and “Tokyo’s
Tokyo,” a miscellaneous goods and book store that was developed by a famous producer, conducted event related
sales activities for new and seasonal products such as “Sora Sweets,” and strove to expand the sales base and improve
profitability. However, sales fell slightly from the previous fiscal year due to greater declines in passenger volume inthe second half, a decline in vending machine sales following the introduction of cigarette vending machines that canrecognize adults, operational changes at some stores, and other factors.
In regard to stores in the international terminal, sales shrank over the previous fiscal year since there was adramatic decline in passenger volume on international routes, consumer sentiment cooled, and the yen rapidly
appreciated, even though aggressive efforts were made to increase sales through promotions targeting foreign visitors,
store renovations, and price revisions for some products in response to the appreciation of the yen.
Other merchandise sales declined as wholesale sales at Narita International Airport and Kansai International
Airport were impacted by several factors such as the dramatic decline in the number of passengers.
Therefore, operating revenues from merchandise sales operations decreased 8.3% compared with the previous
fiscal year to ¥79,124 million and operating income fell 18.8% to ¥7,356 million.
[Food and Beverage]
New restaurant openings helped to increase restaurant sales at both the domestic and international terminals at Tokyo
International Airport (Haneda) compared with the previous fiscal year.
Sales of in-flight meals decreased over the previous fiscal year because the number of meals provided dropped
dramatically as airlines continued to cut costs, shift to smaller aircraft, and reduce the number of flights to address
shrinking passenger volume on international flights.
On the whole, operating revenues from food and beverage operations fell 2.5% compared with the previous fiscal
year to ¥17,042 million. Operating income dropped 91.1% compared with the previous fiscal year to ¥36 million, as
depreciation on newly introduced in-flight meal loading vehicles for the A380 jumbo jet and other factors outweighed
lower utility expenses, the adoption of internal production of outsourced goods, flexible working hours, and otherenhanced cost management efforts.
2) Forecast for the year ending March 2010
The Japanese economy during the coming fiscal year is expected to continue to face uncertainty as a result of the
global economic recession.
On the whole, the airline industry is projected to experience harsh business conditions including further declines inpassenger volume on both domestic and international flights even though factors such as the stronger yen and asubstantial reduction in fuel surcharges will boost passenger volume.
Under these conditions, several factors such as lower passenger volume and a decline in consumer sentiment are
expected to result in the JAT Group recording a fall in revenue, particularly facility user charges revenue and sales atstores.
As for facilities management operations, revenue is forecast to shrink year on year due to a decline in facility user
charges revenue as a result of the decline in passenger volume at the Tokyo International Airport (Haneda), and a fallin such revenues as advertising revenue and insurance agency fee revenue.
Overall merchandise sales are projected to fall year on year in response to the decline in passenger volume andconsumer sentiment. In particular, sales at stores in the international terminal are projected to decline dramatically asa result of several factors including a decline in wholesale to other companies’ duty-free shops at Narita International
Airport and the commissioned operation of stores.
Overall revenues from food and beverage operations is forecast to decline year on year since conditions forin-flight meals are expected to remain harsh, including a decline in the number of meals provided as airlines willcontinue to cut costs, shift to smaller aircraft, and reduce the number of flights, even though the restaurant sales areprojected to slightly increase thanks to opening of new stores and other favorable factors.
Therefore, for consolidated performance in the next fiscal year, operating revenue is projected to decline 5.9% year
on year to ¥124.5 billion, operating income to decline 18.7% to ¥5.2 billion, ordinary income to fell 23.1% to ¥5.2
billion, and net income to shrink 24.7% to ¥3.0 billion.
Since at the present time it is difficult to determine the impact of future international charter flights between
Haneda and Beijing, which were agreed to during a meeting of Japanese and Chinese leaders at the end of April 2009,
and the new strain of influenza, these developments have not been factored into consolidated earning projections.

-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(2) Analysis of Consolidated Financial Position
1) Status of assets, liabilities and net assets
Total assets decreased ¥2,761 million compared with the previous fiscal year to ¥186,364 million because of a fall ininvestment securities while long-term loans receivable increased.
Total liabilities declined ¥3,619 million compared with the previous fiscal year to ¥63,807 million because of adecline in allowance for employee’s retirement benefits through the creation of the retirement benefit trust while
long-term loans payable increased.
Net assets increased ¥858 million compared with the previous fiscal year to ¥122,557 million because of increase
through recording of net income and decrease by payments of dividends.
Therefore, the equity ratio was 64.5%.
2) Status of Cash flows
Cash and cash equivalents (hereinafter referred to as “cash”) at the end of the fiscal year decreased ¥395 million
compared to the end of the previous fiscal year, to ¥15,693 million. The following is a summary of various cash flows
and the factors behind the flows for FY2008.
[Cash flows from operating activities]
Cash generated from operating activities fell 8.3% from the previous fiscal year, or ¥1,549 million to ¥17,164
million.
This is mainly attributable to a decrease in net income.
[Cash flows from investing activities]
Cash used for investing activities increased 32.9% from the previous fiscal year, or ¥4,262 million, to ¥17,208
million.
This was mainly due to purchase of tangible fixed assets (construction in progress) as a result of expansion ofTerminal 2 at Tokyo International Airport (Haneda), construction of the P4 multi-story parking, and such, and due
also to payments of long-term loans receivable, although there was no purchase of stocks of affiliates.
[Cash flows from financing activities]
Cash used for financing activities decreased ¥8,222 million to ¥352 million.
This was mainly due to an increase in long-term loans payable.

Cash Flow Indicators

FY2004

FY2005

FY2006

FY2007

FY2008Equity ratio (%)

58.1

61.0

58.9

62.7

64.5

Equity ratio based on current
value (%)

55.7

59.4

87.6

116.1

56.1

Amortization term (years)

5.7

2.2

2.1

1.9

2.1

Interest coverage ratio (times)

6.9

16.8

19.7

20.0

22.1

Equity ratio: equity capital / total assets
Equity ratio based on current value: total current stock value / total assets
Amortization term: interest-bearing debts / operating cash flow
Interest coverage ratio: operating cash flow / interest payments
Notes: 1. All indexes are calculated using financial figures on a consolidated base.
2. Total current stock value is calculated based on final stock price at term end × number of shares
outstanding at term end (after deduction of treasury stock).

-5-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

3. “Operating cash flow” uses cash flow from operating activities shown in consolidated statements ofcash flows. “Interest-bearing debts” refers to all debts posted in consolidated balance sheets for whichinterest is paid. The interest paid refers to the interest payments on consolidated statement of cash flows.

(3) Basic Policy Regarding Distribution of Earnings and Dividends for Fiscal 2008 and 2009
The JAT considers distributing profits to shareholders an important issue. We have a basic policy of continuing to pay
stable dividends by taking a more aggressive stance toward business, striving to improve earnings, as well as ensuring
internal reserves taking account of large scale investments such as the expansion of terminals at Tokyo International
Airport (Haneda).
Although net income declined over the previous fiscal year, a dividend of ¥13 per share will continue to be paidout of comprehensive consideration of the above dividend policy, earnings, and such (¥6.5 per share has already been
paid as an interim dividend).
For the coming fiscal year, the JAT Group expects to pay an annual dividend of ¥13 per share (of which ¥6.5 pershare will be paid as an interim dividend) from a perspective of continuing to pay stable dividends, but the dividend
policy will be flexibly examined since business conditions are expected to remain harsh for the time being.

-6-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

2. Outline of the Business GroupThe JAT Group (JAT and its affiliated companies) consists of JAT (Japan Airport Terminal Co., Ltd.), 18 subsidiaries,
and 9 affiliated companies. In addition to its main business of facilities management operations, including operating
passenger terminals and providing services to airport users of Tokyo International Airport (Haneda), the JAT Group
conducts merchandise sales operations and food and beverage operations. Furthermore, the JAT Group conducts
operations such as merchandise sales at Narita International Airport, Kansai International Airport, and Central Japan
International Airport. The following is a description of the position of JAT and its subsidiaries and affiliates within thecorporate group and the details of operations.
Facilities management operations:
The JAT operates facilities of passenger terminal buildings at Tokyo International Airport (Haneda) and leases thefacilities to aviation-related companies, particularly airline companies.
In addition, Airport Macs Co., Ltd. and other three subsidiaries and six affiliated companies perform maintenance,
operation and cleaning of facilities related to airport terminals and passenger transportation. Three subsidiaries, BIG
WING Co., Ltd. and other two companies provide services such as advertising agency operations and passenger
services at airport terminals. An affiliated company, Tokyo International Air Terminal Corporation was founded as a
special purpose company involved in the maintenance and operation of facilities such as passenger terminal building in
the international section of Tokyo International Airport.
Merchandise sales operations:
The JAT, its 8 subsidiaries including International Trade Inc., and 2 affiliated companies conduct merchandise sales
operations. The companies sell retail to parties such as airline passengers, particularly those at Tokyo International
Airport (Haneda), Narita International Airport, and Kansai International Airport and sell wholesale to entities such ascompanies operating airport terminals, particularly Central Japan International Airport.
In addition, the subsidiary Japan Airport Logitem Co., Ltd., conducts operations such as transporting merchandise andmanaging warehouses.
Food and beverage operations:Two companies, including a subsidiary Tokyo Airport Restaurant Co., Ltd., provide food and beverage services toparties such as users of Tokyo International Airport (Haneda) and Narita International Airport.
Two companies, including Cosmo Enterprise Co., Ltd., produce and sell in-flight meals and frozen foods to airline
companies flying international routes through Narita International Airport.
The following diagram shows the operations discussed above.
Customers

Real estate rental

Commissioned merchandisetransportation

Commissioned maintenance,
operation, cleaning andguarding of facilities

*1
*1
*1
*1
*1
*1
*1
*1
*2
*3
*4

Food and beverage service, food product sales*4*4International Trade Inc.
BIG WING Co., Ltd.
Japan Airport Logitem Co., Ltd.
Airport Macs Co., Ltd.
Haneda Airport Enterprise Co., Ltd.
Narita Airport Enterprise Co., Ltd.
I.T.S. Co., Ltd.
Hamashin Co., Ltd.
Tsukizi Hamashin Co., Ltd.
NAA Retailing Corporation
Japan Trade Culture Inc.

Merchandise wholesales

Merchandise sales operations
*1
*1
*1
*1
*1
*1
*1
*3
*3
*4
*4

Commissioned merchandise sales

Maintenance, operation, cleaning and guarding of facilities
and passenger transportation

Real estate rental, merchandise sales, services

Airport Macs Co., Ltd.
Japan Airport Techno Co., Ltd.
BIG WING Co., Ltd.
Haneda Airport Security Co., Ltd.
Haneda Passenger Service Co., Ltd.
Sakura Co., Ltd.
Hiro International Co., Ltd.
Tokyo International Air Terminal Corporation
Airport Transport Service Co., Ltd.
Tokyo City Air Terminal Co., Ltd.
Narita Airport Techno Corporation
Seikousha Inc.
Kanto Kowa Co., Ltd.
SK Clean Service Co., Ltd.

Merchandise sales

Facilities management operations

Food and beverage operations
Tokyo Airport Restaurant Co., Ltd.
Cosmo Enterprise Co., Ltd.
CTT Co., Ltd.
Kaikan Development Co., Ltd.

Company submitting consolidated financial statements

Japan Airport Terminal Co., Ltd.
Merchandise sales operations

Facilities management operations*1. 17 consolidated subsidiaries*2. 1 non-consolidated subsidiary that is not accounted for using the equity method*3. 3 affiliated companies that are accounted for using the equity method*4. 6 affiliated companies that are not accounted for using the equity method

-7-

*1
*1
*1
*1

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

3. Business Strategy(1) Basic Business Policy
The JAT Group has adopted the Group management philosophy of a harmony between society and business as acompany that constructs and manages domestic and international terminals at Tokyo International Airport (Haneda),
the base of the domestic air transportation network.
Under this basic philosophy, the JAT Group will be sure to fulfill its social responsibilities by establishing absolutesafety at terminals, operating customer-oriented terminals, and operating terminals in a stable and efficient manner.
In order to continue to raise the corporate value of the whole group, the JAT Group has also set consideration for
appropriately repaying related parties, including the airport users, business partners, and shareholders, as a basic
management policy while precisely responding to the increase in and diversification of customer needs andimproving the convenience, pleasantness, and functionality of terminals through strategic and appropriate
investments and management of these investments.
The JAT will work to implement various policies and more thoroughly adopt the basic principles of the JAT Groupsince the JAT became an airport facilities operator as of April 1, 2009, as designated by the revised Airport Act.

(2) Key Management Indicator
The JAT Group set the target of a return on assets (ROA) of 5.0% and return on equity (ROE) of 4.0% for the coming
fiscal year, the last fiscal year of the medium-term business plan, in order to maximize the return on capital andthoroughly adopt management that is conscious of increasing shareholder value. However, it will be difficult toachieve these goals as a result of major changes in the business environment due to the global economic slowdown.
In the coming fiscal year, economic conditions are projected to remain uncertain; therefore, the current targets are toachieve the consolidated earnings projections presented in “2) Forecast for the year ending March 2010” on page 4
under “(1) Analysis of Consolidated Business Results,” and new targets will be set in the new medium-term businessplan that will cover the period starting fiscal 2010.

(3) Mid- and Long-Term Business Plan and Issues which the Company Needs to Address
For the Tokyo International Airport (Haneda), the JAT Group’s sales base, the JAT Group is moving forward with
the Tokyo International Airport Re-expansion Project, which involves the construction of facilities such as a fourth
runway in order to be able to handle future increases in demand for air travel within the metropolitan Tokyo area.
To coincide with the launch of operations of the new runway, the construction of an international passenger
terminal by PFI is under way. The Tokyo International Air Terminal Corporation, which will construct, manage, andoperate the terminal, was established mainly by JAT and other entities such as airline companies. They started
construction of the passenger terminal and other facilities in May 2008 with the goal of launching operations in
October 2010, and construction is progressing smoothly.
There are signs of major changes in the business environment that the JAT Group is operating in, such as an
expected increase compared to initial plans in the number of take offs and landing and routes starting in October 2010
when the new runway will be opened because of the Asian Gateway Initiative. The JAT considers these changes abusiness opportunity and will strive to ensure a new earnings foundation by aggressively beginning to undertake
activities including developing businesses at the new international passenger terminal, developing an airport
commercial space in the domestic terminal building, and researching new business opportunities within and outside
the Tokyo International Airport (Haneda).
On the other hand, after re-expanding the Tokyo International Airport (Haneda) comes the peak investment period
related to expansion of Terminal 2 and other construction and improvement works, which are included in the present
plan. In addition, the business environment is projected to remain harsh for the time being as a result of the global
economic recession, and passenger volume, which has a major impact on the JAT Group’s earnings, is expected to
decline for both domestic and international flights even though greater demand for overseas travel by Japanese due tothe stronger yen and a dramatic decline in fuel surcharges will positively impact the number.
Under these conditions, the JAT is determined to fulfill its role as an airport facilities operator, which constructs,
operates, and manages both domestic and international terminals based on the Airport Act, and to that end, the wholegroup is working to improve the convenience, comfort, and functionality of the passenger terminal buildings andstriving to adopt a philosophy of “the customer comes first” and to establish absolute safety. The JAT will also
promote various efforts such as making and managing strategic and appropriate investments and establishing anefficient group management system in order to continually raise the corporate value of the whole group.

(4) Creation and operation of an internal management system
The Company created Internal Control Office in October 2007 to monitor and evaluate activities such as the
documentation, internal testing, and evaluation of internal controls in order to meet the requirement of submittinginternal control reports related to financial reporting as stipulated by the Financial Instruments and Exchange Act,
effective from the fiscal year ending March 31, 2009.

-8-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(In million yen)

ASSETS
Current assets
Cash and time deposits
Accounts receivable
Valuable securities
Inventories
Merchandise and finished products
Raw materials and stored goods
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machines, devices and vehicles
Accumulated depreciation and impairment loss
Machines, devices and vehicles (net)Land
Construction in progress
Other fixed assets
Accumulated depreciation and impairment loss
Other fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment in securities
Deferred tax assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS-9-

FY2007(As of March 31, 2008)

FY2008(As of March 31, 2009)

16,149
6,353
1,998
3,920
–
–
1,172
1,148
(57)
30,684

15,910
5,456
2,549
–
3,895
70
1,093
1,341
(42)
30,274

236,345(118,376)
117,969
10,341(8,172)
2,168
8,612
524
19,832(14,112)5,720
134,994697

240,994(130,525)
110,468
10,587(8,707)
1,879
10,578
6,972
20,497(15,631)
4,865
134,764
616

13,823
7,035
1,890
22,749158,441
189,126

8,847
8,406
3,454
20,709156,090
186,364

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(In million yen)

LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
Allowance for employees’ retirement benefits
Allowance for directors’ retirement benefits
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Unrealized gains and adjustments
Unrealized gains on other securities
Deferred gains (losses) on hedges
Total unrealized gains and adjustments
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS- 10 -

FY2007(As of March 31, 2008)

FY2008(As of March 31, 2009)

4,897
9,929
2,509
890
196
9,765
28,188

4,274
9,324
2,009
868
170
9,018
25,66524,544
8,422
1,210
5,060
39,23867,426

26,290
4,897
1,383
5,570
38,14163,807

17,48921,30978,086(79)
116,805

17,48921,31080,611(80)
119,330

1,835
(34)
1,800
3,093
121,699
189,126

974
(24)
950
2,276
122,557
186,364

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(2) Consolidated Statements of Income(In million yen)

FY2007(from April 1, 2007
to March 31, 2008)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenue
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
SalaryProvision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Provision for directors’ retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Investment profit on equity method
Construction expenses
Incentives
Miscellaneous revenue
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Miscellaneous expenses
Total non-operating expenses
Ordinary income- 11 -

FY2008(from April 1, 2008
to March 31, 2009)

14,15915,6658,758
85,30015,517
139,401

14,285
15,951
9,054
78,084
14,930132,30762,4707,865
70,33569,06557,297
7,815
65,11367,193

7,502
863
196
724
244
8,278
8,066
15,157
20,30961,343
7,721

7,707
838
170
736
247
7,730
8,200
15,106
20,05760,795
6,397

38
120
122
276
126
693
1,377

57
157
148
–
–
1,008
1,372

931
226
104
1,263
7,836

767
145
92
1,005
6,764

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(In million yen)

FY2007(from April 1, 2007

Extraordinary gains
Gain on contribution of securities to retirement benefit trust
Gain from previous period adjustments
Gain on sale of investment securities
Total extraordinary gains
Extraordinary loss
Loss on valuation of investment securities
Loss on valuation of other investments
Loss on disposal of inventories
Total extraordinary loss
Income before income taxes
Income and other taxes
Income taxes-deferred
Total income taxes
Minority interests income (loss)
Net income- 12 -to March 31, 2008)

FY2008(from April 1, 2008
to March 31, 2009)

–
109
51
161

705
–
–
705

–
–
8
8
7,988
4,270
(371)
3,898
(61)
4,151

312
8
–
321
7,148
3,922
(806)
3,116
49
3,981

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(3) Consolidated Statements of Changes in Shareholders’ Equity(In million yen)

FY2007(from April 1, 2007
to March 31, 2008)
Shareholders’ equity
Common stock
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Capital surplus
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Disposal of treasury stock
Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Retained earnings
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method
Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Treasury stock
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Acquisition of treasury stock
Disposal of treasury stock
Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Total shareholders’ equity
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method
Acquisition of treasury stock
Disposal of treasury stock
Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year

- 13 -

FY2008(from April 1, 2008
to March 31, 2009)

17,48917,489–17,489–17,48921,30921,3090021,3090021,31074,88778,086(1,004)
4,151
51
3,198
78,086(1,456)
3,981
–
2,525
80,611

(77)

(79)

(2)
0
(2)
(79)

(0)
0
(0)
(80)

113,609

116,805(1,004)
4,151
51
(2)
0
3,196
116,805(1,456)
3,981
–
(0)
0
2,524
119,330

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(In million yen)

FY2007(from April 1, 2007
to March 31, 2008)
Unrealized gains and adjustments
Unrealized gains (losses) on other securities
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Deferred gains (losses) on hedges
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Total unrealized gains and adjustments
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Minority interests
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year
Total net assets
Balance at the end of previous fiscal year
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method
Acquisition of treasury stock
Disposal of treasury stock
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance at the end of current fiscal year

- 14 -

FY2008(from April 1, 2008
to March 31, 2009)

2,609

1,835

(774)

(861)

(774)
1,835

(861)
974

(34)

(34)

(0)

10

(0)
(34)

10
(24)

2,575

1,800

(774)

(850)

(774)
1,800

(850)
950

3,198

3,093

(104)

(816)

(104)
3,093

(816)
2,276

119,382

121,699(1,004)
4,151
51
(2)
0

(1,456)
3,981
–
(0)
0

(879)

(1,666)

2,316
121,699858
122,557

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(4) Consolidated Statements of Cash Flows(In million yen)

FY2007(from April 1, 2007
to March 31, 2008)
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Loss (gain) on valuation of investment securities
Loss (gain) on contribution of securities to retirement benefit
trust
Increase (decrease) in allowance for employees’ retirement
benefits
Increase (decrease) in allowance for directors’ retirement
benefits
Increase (decrease) in allowance for employees’ bonuses
Increase (decrease) in allowance for directors’ bonuses
Interest and dividends received
Interest paid
Investment loss (profit) on equity method
Loss (gain) on sales of investment securities
Loss (gain) on sales of tangible fixed assets
Loss on retirement of tangible fixed assets
Decrease (increase) in accounts receivable
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in accounts payable
Increase (decrease) in other current liabilities
Increase (decrease) in other fixed liabilities
OthersSubtotalInterest and dividends income received
Interest expenses paid
Income and other taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Placement of time deposits
Proceeds from withdrawal of time deposits
Purchase of marketable securities
Proceeds from sales of marketable securities
Purchase of investment securities
Proceeds from sales of investment securities
Payments for purchase of shares of affiliates
Purchase of treasury stock of subsidiaries
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Purchase of long-term prepaid expenses
Payments of long-term loans receivable
Other payments
Other proceeds
OthersNet cash used in investing activities- 15 -

FY2008(from April 1, 2008
to March 31, 2009)

7,988
15,220–7,148
15,128
312

–

(705)

(229)

38

(177)

172

82
3
(159)
931
(122)
(51)
(2)
226
1,280
(237)
673
(311)
(961)
(186)
151
24,118153(936)(4,621)
18,713

(21)
(25)
(214)
767
(148)
–
(9)
145
896
(45)
78
(623)
(566)
(96)
(69)
22,162203(778)(4,422)
17,164(29)–(1,993)
2,397
(8)
83
(2,154)–(10,814)
6
(255)
(209)
–
(51)
65
16
(12,945)(256)
200(4,190)
3,802
(55)
400
–
(123)
(14,958)
12
(177)
(390)
(1,333)(187)
34
17(17,208)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(In million yen)

FY2007(from April 1, 2007
to March 31, 2008)
Cash flows from financing activities
Proceeds from long-term loans payable
Repayment of long-term loans payable
Dividends payment by parent company
Dividends paid to minority shareholders
OthersNet cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of term
Cash and cash equivalents at beginning of term of new
consolidated subsidiaries
Cash and cash equivalents at end of term

- 16 -

FY2008(from April 1, 2008
to March 31, 2009)

2,000(9,532)(1,004)(36)(2)(8,575)(0)(2,808)18,796

11,000(9,859)(1,456)
(36)
(0)
(352)
0
(395)
16,088100–

16,08815,693

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

Notes on the Premise of a Going Concern
There is nothing to report.
Notes on the Consolidated Financial Statements(Notes on Consolidated Balance Sheets)
FY2007(As of March 31, 2008)

FY2008(As of March 31, 2009)(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(In million yen)

(In million yen)

Buildings and structures
96,630Machines and devices equipment
54
Land
53
Investment in securities
4
Total
96,742
Collateralized liabilities totaled 32,222 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).

Buildings and structures
89,388
Machines and devices equipment
0
Land
53
Investment in securities
3
Total
89,446
Collateralized liabilities totaled 33,014 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).

(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.
Investment in securities (shares)–––––––––––(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.

4,109 million yen

Investment in securities (shares)

4,265 million yen(3) The JAT has loan commitment contracts with companies inwhich it invests. The outstanding balance of credit lines at theend of the current fiscal year is as follows:(In million yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance–––––––––––

6,660
1,332
5,328

(4) The JAT has loan commitment contracts with six major
financial institutions that it has an account with in order tostably procure funds for facilities. The outstanding balance ofcredit lines at the end of the current fiscal year is as follows:(In million yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance- 17 -

25,00010,00015,000Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(Notes on Consolidated Statements of Income)
FY2007(from April 1, 2007 to March 31, 2008)

FY2008(from April 1, 2008 to March 31, 2009)(1) Gain from previous period adjustments recorded as
extraordinary gain was the result of refund of taxes and publiccharge for previous years.

–––––––––––(1)(Notes on Consolidated Statements of Changes in Shareholders’ Equity)

FY2007 (from April 1, 2007 to March 31, 2008)
1. Notes on type of and total number of shares outstanding, and type and number of treasury stock
Number of shares at theprevious fiscal year-end

Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at thecurrent fiscal year-end

Shares outstanding
Common stock

100,540,000––

100,540,000

Total

100,540,000––

100,540,000

Common stock

87,204

1,294

90

88,408

Total

87,204

1,294

90

88,408Treasury stock

Note: The number of common treasury stock rose 1,294 as a result of the purchase of odd lot shares but declined 90 shares due to the sale of odd lot
shares.

2. Notes on dividends(1) Amount of dividends
Resolution

Type of stock

Total dividends to be
paid (millions of yen)

June 28, 2007 annual
general meeting ofshareholders

Common stock

502

November 14, 2007
board of directors

Common stock

502

Dividends per
share (yen)Record date

Effective date5

March 31, 2007

June 29, 2007

5

September 30, 2007

December 5, 2007

(2) Dividends for which the record date came during FY2007, but for which the effective date will come after said period
Resolution

Type of stock

Total dividends tobe paid(millions of yen)

Source ofdividends

June 26, 2008 annual
general meeting ofshareholders

Common stock

803

Retainedearnings- 18 -

Dividends per
share (yen)Record date

8 March 31, 2008

Effective dateJune 27, 2008

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

FY2008 (from April 1, 2008 to March 31, 2009)
1. Notes on type of and total number of shares outstanding, and type and number of treasury stock
Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at theprevious fiscal year-end

Number of shares at thecurrent fiscal year-end

Shares outstanding
Common stock

100,540,000––

100,540,000

Total

100,540,000––

100,540,000

Common stock

88,408729

330

88,807

Total

88,408729

330

88,807

Treasury stock

Note: The number of common treasury stock rose 729 as a result of the purchase of odd lot shares but declined 330 shares due to the sale of odd lot
shares.

2. Notes on dividends(1) Amount of dividends
Resolution

Type of stock

Total dividends to be
paid (millions of yen)

June 26, 2008 annual
general meeting ofshareholders

Common stock

803

November 12, 2008
board of directors

Common stock

652

Dividends per
share (yen)Record date

Effective date8

March 31, 2008

June 27, 2008

6.5

September 30, 2008

December 4, 2008

(2) Dividends for which the record date came during FY2008, but for which the effective date will come after said period
The following are the expected resolutions.
Total dividends to
Resolution
Type of stock
be paid(millions of yen)
June 26, 2009 annual
Common stock652
general meeting ofshareholders

Source ofdividends

Dividends per
share (yen)Retainedearnings

6.5

Record date

Effective date

March 31, 2009

June 29, 2009

(Notes on Consolidated Statements of Cash Flows)

FY2007

FY2008(from April 1, 2007 to March 31, 2008)(from April 1, 2008 to March 31, 2009)(1) Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the consolidatedbalance sheets.

(1) Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the consolidatedbalance sheets.

(As of March 31, 2008)(In million yen)

Cash and time deposits
Valuable securities
Time deposits with a maturity greater than 3monthsSecurities such as stocks and bonds with aredemption period of more than 3 months
Cash and cash equivalents

16,1491,998(As of March 31, 2009)(In million yen)

Cash and time deposits
Valuable securities
Time deposits with a maturity greater than 3monthsSecurities such as stocks and bonds with aredemption period of more than 3 months
Cash and cash equivalents(560)(1,498)16,088- 19 -

15,9102,549(617)(2,149)15,693

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2009

(Segment Information)
a. Business Segment Information

FY2007 (from April 1, 2007 to March 31, 2008)(In million yen)

Facilities
Management

Merchandise
Sales

Food andBeverage

Eliminations/Corporate

Consolidated(1) Sales to externalcustomers(2) Intersegment sales andtransfers

38,28785,596

15,517

139,401–

139,401

2,197

688

1,961

4,848

(4,848)–

Total

40,48586,285

17,479144,249(4,848)

139,401

Operating expenses

38,934

77,227

17,065133,227(1,548)

131,679

Operating income

1,550

9,057

414

11,022(3,300)7,721

Assets132,334

16,952

15,085

164,372

24,753

189,126

Depreciation

13,774656

538

14,969251

15,220Capital expenditure

8,265

629

934

9,829

82

9,912

Total

I. Operating revenues andoperating income
Operating revenues

II. Assets, depreciation andcapital expenditure

FY2008 (from April 1, 2008 to March 31, 2009)(In million yen)

Facilities
Management

Merchandise
Sales

Food andBeverage

Eliminations/Corporate

Consolidated(1) Sales to externalcustomers(2) Intersegment sales andtransfers

38,98778,38914,930132,307–132,307

2,088

734

2,112

4,935

(4,935)–

Total

41,075

79,124

17,042

137,242(4,935)

132,307

Operating expenses

38,56871,767

17,006

127,341(1,432)125,909

Operating income

2,506

7,356

36

9,900

(3,502)

6,397

Assets131,818

16,016

15,233163,069

23,295

186,364

Depreciation

13,577629

671

14,878250

15,128

Capital expenditure

9,908

588

652

11,1503,816

14,966Total

I. Operating revenues andoperating income
Operating revenues

II. Assets, depreciation andcapital expenditureb. Segment information by geographic region
There is nothing to report.
c. Overseas sales
There is nothing to report.

- 20 -